On
30 May
2014 the Act of Ukraine
“On
Amendments
to
Tax
Code
of
Ukraine
Aimed
at Improving Transfer Pricing Rules” (Homytynnik's
Act) came into force.
Please
see below a brief account of the main changes introduced by this Act:
-
Deadline
for the 2013 transfer pricing return has been shifted from 1 May
2014 to 1 October 2014.
The
taxpayers who had not filed the return by 1 May, will be able to do
so by 1 October 2014. In addition, the taxpayers who had filed
the return by 1 May with some mistakes will have an additional time
for the correction of such mistakes without the imposition of any
penalties;
-
Fine
for
the
failure
to
submit
a
transfer pricing return has been equaled to 100 minimum
salaries, not 5% of the total amount of the undisclosed controlled
transactions as it was before;
-
Fine
for
the
failure
to
submit
transfer
pricing documentation has
been
decreased
from
100
to 10 minimum salaries;
-
Period
of
the
application
of
a nominal fine
of
UAH 1.00
in
case of the determination
of
additional
transfer pricing-related tax
liabilities
by
the
tax
authority
has been prolonged till 31 December 2014;
-
Exemption
from penalties in case of the determination
of
additional
transfer pricing-related tax
liabilities
by
means
of a self-correction made by a taxpayer up to 31 December 2014
has been introduced.
Photo
from http://www.poltava.pl.ua
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